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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks flat as investors pause for breath London stocks were little changed in early trade as investors paused for breath after the FTSE 100 closed at a record high of 7,415.95 in the previous session.
At 0830 GMT, the index was up 0.1% to 7,421.74.
Spreadex's Connor Campbell said: "Following Thursday's cluttered calendar, with post-Fed reaction joined by the Dutch election results and the latest Bank of England meeting, Friday looks pretty tame in comparison, something reflected in the limp European open."
"Having closed above 7400 for the first time in its history last night, the FTSE took a justified breather after the bell."
On Thursday, the Bank of England voted 8-1 to keep interest rates at a record low of 0.25% and the asset purchase programme at £435bn, as expected. However, the split - the first time since July 2016 that the vote to maintain rates was not unanimous - took markets a little by surprise.
There's little in the way of macroeconomic news due on Friday, but investors may eye the Bank of England's quarterly bulletin at 1200 GMT.
In corporate news, property group Berkeley rallied as it said full year pre-tax profits are expected to be at the top end of analysts' expectations, with the actual outturn dependent upon completion timing on Berkeley's larger developments.
Prudential was on the front foot after being upgraded to 'neutral' by JP Morgan Cazenove.
Stockbroker Panmure Gordon rocketed after agreeing to be bought by Atlas Merchant Capital - the private equity firm of former Barclays boss Bob Diamond - and Qatari investment vehicle QInvest for around £15.5m in cash.
Manager and developer of student accommodation, Unite Students, nudged higher after acquiring an asset under development in Durham for £34m.
On the downside, Tullow Oil slid as China's largest oil company triggered its option to acquire the rest of its interest in Ugandan oil exploration licences.
AstraZeneca ticked lower on news that US regulators have rejected its new drug for high potassium levels.
Amec Foster Wheeler edged down as it said it has been awarded a contract with the US Air Force Civil Engineer Center to sustain and improve Air Force and other US Department of Defense installations worldwide. |
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| Market Movers
FTSE 100 (UKX) 7,421.74 0.08%
FTSE 250 (MCX) 19,029.19 0.01%
techMARK (TASX) 3,474.31 -0.06%
FTSE 100 - Risers
Prudential (PRU) 1,789.00p 2.02%
Royal Bank of Scotland Group (RBS) 243.30p 1.12%
Admiral Group (ADM) 1,929.00p 1.10%
Barclays (BARC) 231.95p 1.09%
BT Group (BT.A) 333.40p 0.98%
easyJet (EZJ) 1,013.00p 0.90%
Barratt Developments (BDEV) 539.00p 0.84%
ITV (ITV) 207.50p 0.73%
St James's Place (STJ) 1,087.00p 0.65%
Taylor Wimpey (TW.) 193.70p 0.62%
FTSE 100 - Fallers
United Utilities Group (UU.) 989.50p -1.35%
Hikma Pharmaceuticals (HIK) 2,162.00p -1.28%
Marks & Spencer Group (MKS) 331.10p -0.93%
Randgold Resources Ltd. (RRS) 7,035.00p -0.92%
Next (NXT) 3,875.00p -0.87%
Fresnillo (FRES) 1,497.00p -0.86%
Anglo American (AAL) 1,286.50p -0.85%
Severn Trent (SVT) 2,367.00p -0.67%
Capita (CPI) 577.00p -0.60%
Associated British Foods (ABF) 2,615.00p -0.57%
FTSE 250 - Risers
Berkeley Group Holdings (The) (BKG) 3,116.00p 5.16%
Weir Group (WEIR) 1,937.00p 3.31%
Cairn Energy (CNE) 210.30p 2.14%
OneSavings Bank (OSB) 409.50p 1.41%
Crest Nicholson Holdings (CRST) 556.50p 1.27%
Polymetal International (POLY) 1,000.00p 1.27%
Bovis Homes Group (BVS) 917.50p 1.21%
Shawbrook Group (SHAW) 303.60p 1.20%
Countryside Properties (CSP) 235.60p 1.07%
Bellway (BWY) 2,785.00p 0.94%
FTSE 250 - Fallers
Tullow Oil (TLW) 209.30p -11.80%
PayPoint (PAY) 934.50p -5.70%
Hochschild Mining (HOC) 278.40p -4.46%
Centamin (DI) (CEY) 171.20p -1.61%
Vedanta Resources (VED) 890.50p -1.49%
Redefine International (RDI) 35.90p -1.45%
Assura (AGR) 57.20p -1.38%
Acacia Mining (ACA) 477.00p -1.32%
Card Factory (CARD) 278.00p -1.24% |
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| | UK Event Calendar | | Friday 17 March
INTERIM DIVIDEND PAYMENT DATE
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Ashley (Laura) Holding, City of London Investment Group, Motorpoint Group, SSE
QUARTERLY PAYMENT DATE
Carnival, Real Estate Credit Investments Ltd, SQN Asset Finance Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (13:15)
Industrial Production (US) (13:15)
U. of Michigan Confidence (Prelim) (US) (14:00)
FINALS
React Group
AGMS
Chemring Group, LG Electronics Inc GDS (Reg S), Premier African Minerals Ltd, Toro Limited
FINAL DIVIDEND PAYMENT DATE
Avon Rubber, easyJet, Impax Asset Management Group, Mobeus Income & Growth 4 Vct, Sanderson Group, Zegona Communications |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Euro strength weighs on stocks as G20 gets underway European stocks slipped at the start of trading, weighed down by a mixed close overnight on Wall Street as traders focused on a stronger euro and the headlines coming out of the G20 finance ministers' meeting in Germany.
At 0815 GMT the benchmark Stoxx 600 was down by 0.32% or 1.18 points to 376.55, while Germany's Dax was losing 0.46% to 12,024.76 while the Cac-40 was off by 0.18% at 5,004.16.
Traders were reacting in early trading to an overnight jump in the euro/dollar on the back of remarks from a top ECB official.
Speaking to German daily Handelsblatt, Austrian ECB governing council member Ewald Nowotny said how the US had chosen to sequence its exit from its its ultra-loose monetary policy by first ending quantitative easing and then raising interest rates might not be the best fit for the Eurozone.
The ECB might choose to lift the interest rate it pays on the money deposited with it by banks before it hikes its main policy rate, the refinance rate, Nowotny also said.
Euro/dollar popped higher following the news, hitting an intra-session high of 1.0783 in overnight trading, while the yield on two-year German government debt was up by two basis points to -0.774%, having fallen as low as -0.95% as recently as 24 February.
At 0836 GMT euro/dollar was drifting down by 0.16% to 1.0755.
Front month Brent crude futures were off 0.194% to $51.64 even after Saudi energy minister Khalid Al-Falih told Bloomberg TV his country would be open to doing whatever it takes, if needed, to restore the oil market to health.
G20 finance ministers meeting in the German resort town of Baden-Baden on Friday and Saturday were expected to focus on international trade and foreign exchange markets given the new US administration's concerns on both fronts.
On the economic calendar for Friday were euro area trade balance and construction output data for January, both due at 1000 GMT, followed by US industrial production and consumer confidence figures at 1315 GMT and 1400 GMT, respectively.
Jet-maker's executives set to be grilled
Airbus was in the hot seat after French authorities began a preliminary probe into possible irregularities involving third-party agents to gain jetliner contracts.
Shares in London-listed Panmure Gordon rocketed 63% after ex-Barclays chief Bob Diamond's private equity firm Atlas Merchant Capital and Qatari investment vehicle QInvest offered to buy it in exchange for £15.5m in cash.
Italian energy utility Enel posted a 17% jump in full-year 2016 net income to €2.57bn despite a 6.7% drop in sales to €70.592bn due to various factors including FX headwinds and lower prices for electricity in mature markets, together with lower production.
Steelmakers in northwestern Germany reached a deal to give 72,000 workers a 2.3% wage hike starting from 1 April, on top of another 1.8% raise due in 2018. |
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| | US Market Report | | US close: Equities surrender dot-plot gains, dollar dives US stocks ended their mini rally on Thursday, as gains made after the Federal Reserve raised interest rates in the previous session were eroded.
The Dow Jones Industrial Average closed almost 16 points lower at 20,932.55, the S&P 500 fell nearly four points to 2,381.38.
Tech stocks nudged the Nasdaq minutely higher, up less than a point to 5,900.76, while the Russell 2000 small cap index also held onto its gains from Wednesday's more cautious FOMC announcement.
"The small caps had been under pressure thus far in March but they have posted a firm rebound and now look poised to benefit once more from the combination of gradual rate increases and solid economic growth that prevails in the US," said analyst Chris Beauchamp at IG.
The large cap indices were weighed down by some energy stocks, which were under pressure again from the recent oil price wobble. Chevron recovered from its worst early losses to close almost 1% lower, while rival ExxonMobil rebounded into positive territory.
Chevron fall on the Dow was only eclipsed by chemicals group Du Pont, as it nears its $130bn merger with Dow Chemical in the second quarter.
West Texas Intermediate was down 0.4% to $48.67 a barrel and Brent crude was 0.15% weaker at $51.73.
Although equity bullishness died off, the Fed's dovishness continued to hit the dollar, which slid on the back of the statement and continued on Thursday with the greenback trading down 0.77% against the pound to 1.235, though this was accelerated by the surprise hawkishness of the Bank of England's minutes that were released on Thursday.
The greenback fell roughly 0.2% versus the yen to 113.3 and, with many taking confidence from the Netherlands' staving off of the nationalist threat, the euro surged to 1.0772, levels not seen since the start of February.
On the data front, US housing starts rose 3% in February to 1.28m, slightly above the 1.26m consensus forecasts. But permits fell 6.2% to 1.21m, below the 1.26m expected. Housing starts were up 6.2% in February year-on-year.
Initial jobless claims were down marginally to 241,000 for the week ending 11 March from 243,000 the previous week and close to the 240,00 consensus forecast.
The Philadelphia Fed manufacturing survey fell to 32.8 in March from 43.3 the month earlier and was ahead of the 28.0 expected.
The key 'new orders' gauge, which helps to forecast future activity, improved slightly to 38.6 from 38.0, the highest reading since December 1987.
In corporate news, software company Oracle rallied 7.19% after its third-quarter earnings late on Wednesday came in ahead of expectations.
Camera maker GoPro climbed 16.12% after it announced job cuts late on Wednesday and said it expects to be profitable on an adjusted basis this year.
Retailer Williams-Sonoma was up 2.81% after its fourth-quarter profit beat analysts' expectations.
Dollar General added 2.32% after the discount retailer beat revenue forecasts and said it will increase managers' pay.
On the downside, Guess tumbled 10.79% after the fashion retailer's earnings missed expectations on Wednesday.
Canada Goose fell 4.79% after a tepid initial public offering on the New York Stock Exchange.
Dow Jones - Risers
International Business Machines Corp. (IBM) $177.24 0.81%
American Express Co. (AXP) $79.77 0.68%
Goldman Sachs Group Inc. (GS) $248.22 0.58%
Home Depot Inc. (HD) $148.73 0.53%
Coca-Cola Co. (KO) $42.26 0.31%
Apple Inc. (AAPL) $140.69 0.16%
Visa Inc. (V) $90.04 0.13%
Intel Corp. (INTC) $35.14 0.11%
Exxon Mobil Corp. (XOM) $82.06 0.09%
McDonald's Corp. (MCD) $127.98 0.08%
Dow Jones - Fallers
Du Pont de Nemours and Co. (DD) $80.60 -1.08%
Chevron Corp. (CVX) $107.86 -0.94%
Merck & Co. Inc. (MRK) $64.18 -0.80%
United Technologies Corp. (UTX) $112.34 -0.65%
Pfizer Inc. (PFE) $34.43 -0.58%
Caterpillar Inc. (CAT) $92.85 -0.55%
3M Co. (MMM) $190.31 -0.47%
Johnson & Johnson (JNJ) $128.46 -0.39%
Boeing Co. (BA) $178.19 -0.29%
Unitedhealth Group Inc. (UNH) $171.30 -0.28%
S&P 500 - Risers
Oracle Corp. (ORCL) $45.74 6.23%
Frontier Communications Co. (FTR) $2.51 4.15%
NRG Energy Inc. (NRG) $17.89 2.46%
Franklin Resources Inc. (BEN) $43.91 2.14%
Whole Foods Market Inc. (WFM) $29.47 2.01%
Kohls Corp. (KSS) $40.49 1.94%
Intercontinental Exchange Inc (ICE) $61.55 1.90%
Charles Schwab Corp. (SCHW) $43.53 1.90%
Under Armour Inc. Class A (UAA) $19.82 1.85%
Nucor Corp. (NUE) $64.60 1.81%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $176.57 2.63%
Tesla Inc (TSLA) $262.05 2.47%
Vodafone Group Plc ADS (VOD) $26.38 1.93%
Lam Research Corp. (LRCX) $125.97 1.45%
Dollar Tree Inc (DLTR) $75.53 1.30%
Nvidia Corp. (NVDA) $103.81 1.23%
Check Point Software Technologies Ltd. (CHKP) $101.92 1.18%
Liberty Interactive Corporation QVC Group (QVCA) $20.07 1.16%
Cerner Corp. (CERN) $56.35 1.15%
Shire Plc Ads (SHPG) $180.13 1.05%
Nasdaq 100 - Fallers
Biogen Inc (BIIB) $278.96 -4.67%
Illumina Inc. (ILMN) $159.46 -3.91%
Incyte Corp. (INCY) $148.44 -2.76%
Vertex Pharmaceuticals Inc. (VRTX) $92.36 -2.34%
Autodesk Inc. (ADSK) $86.73 -1.89%
Express Scripts Holding Co (ESRX) $64.83 -1.86%
Biomarin Pharmaceutical Inc. (BMRN) $90.96 -1.66%
Broadcom Limited (AVGO) $222.36 -1.58%
Electronic Arts Inc. (EA) $90.20 -1.43%
Maxim Integrated Products Inc. (MXIM) $45.36 -1.39%
S&P 500 - Fallers
Biogen Inc (BIIB) $278.96 -4.67%
Illumina Inc. (ILMN) $159.46 -3.91%
Newmont Mining Corp. (NEM) $32.81 -3.78%
Transocean Ltd. (RIG) $12.53 -3.47%
Whirlpool Corp. (WHR) $172.65 -2.69%
Vertex Pharmaceuticals Inc. (VRTX) $92.36 -2.34%
DTE Energy Co. (DTE) $100.21 -2.29%
Hartford Financial Services Group Inc. (HIG) $48.81 -2.13%
Vulcan Materials Co. (VMC) $116.36 -2.05% |
| | Newspaper Round Up | | Friday newspaper round-up: May gets tough, consumer spending, Lloyds, Google Theresa May stepped up the pressure on Nicola Sturgeon, accusing the SNP leader of forcing a "fundamentally unfair" independence referendum that would damage Brexit negotiations. In an article for The Times, the prime minister toughens her stance against starting talks over a second independence vote before spring 2019 - the timetable set out by Ms Sturgeon in a surprise announcement this week.
Nicola Sturgeon accused Theresa May of sealing the fate of the United Kingdom after the prime minister rejected her demand for a second Scottish independence referendum before the Brexit talks conclude. The first minister said May's stance was "completely outrageous and unacceptable", hours after the prime minister had insisted that "now is not the time" for the referendum that the SNP had hoped to stage between autumn 2019 and spring 2019. - Guardian
Moderate Conservative backbenchers have rallied behind Philip Hammond and said Theresa May should have done more to defend his plan to increase national insurance contributions for the self-employed. The chancellor ditched his plan put forward in the budget on 8 March after a public backlash from some Tories and private concerns among cabinet ministers. But other backbenchers criticised the prime minister's treatment of Hammond. - Guardian
Shoppers are expected to spend less money this year as rising inflation begins to hit people's purse strings, a report by PwC claims. Consumer spending growth is expected to hover at around 2 per cent this year and fall to 1.7 per cent next year, compared to the 3 per cent growth seen in 2016, according to the accountancy giant. - Mail
People who voted to remain in the European Union have defied conventional wisdom and gone on more of a spending spree since the referendum than those who elected to leave. The counterintuitive behaviour was revealed in a survey which found that overall British consumers were still spending robustly and showed little sign of stopping in the short - term. - The Times
Bob Diamond, the former Barclays chief executive, has joined forces with a Qatari investment bank to swoop on Panmure Gordon, one of Britain's oldest stockbrokers. A deal could be announced as soon as today involving Mr Diamond's private equity vehicle, Atlas Merchant Capital, and QInvest, the Qatari investment bank, which already owns a 43pc stake in Panmure. - Telegraph
The housing minister, Gavin Barwell, has told the world's housebuilders that if they cannot find enough land on which to build new homes they can "come and see me" and he will try to help. Barwell told developers at the world's biggest property conference in Cannes on Thursday that he wanted to be "clear and unequivocal" that he was there to help them build hundreds of thousands of new homes to help fix the UK's housing crisis. - Guardian
The smallest companies and many self-employed people should be exempt from proposals to digitise tax records, a House of Lords committee has warned, as it accused the government of rushing through a poorly conceived overhaul of the tax system. Implementation of the "making tax digital" plans, which will force millions of businesses to update the taxman four times a year instead of once, should also be delayed until 2020 for all businesses, according to a report by peers on the economic affairs committee. - The Times
Google is to be summoned before the government to explain why taxpayers are unwittingly funding extremists through advertising. The Cabinet Office joined some of the world's largest brands last night in pulling millions of pounds in marketing from YouTube after an investigation showed that rape apologists, anti-Semites and banned hate preachers were receiving payouts from publicly subsidised adverts on the internet company's video platform. - The Times
Regulators are to investigate Lloyds Banking Group's £1.9bn acquisition of credit card provider MBNA from Bank of America amid concerns the deal could hurt competition in the industry. The Competition and Markets Authority (CMA) has started a probe into the takeover, an acquisition that would boost Lloyds's share of the credit card market from around 15pc to 26pc, transforming the lender into a fierce competitor to dominant Barclaycard, which has 27pc. - Telegraph
BP is in talks with chemicals giant Ineos to sell the North Sea's largest and oldest oil pipeline, which is used to transport the crude that prices the global Brent benchmark. The 100 miles long pipeline transports oil from the unmanned offshore Unity platform in the North Sea to the onshore terminal at Cruden Bay near Aberdeen and then for 130 miles onshore to the Kinneil terminal near Ineos's Grangemouth oil refinery. - Telegraph
Companies operating in the gig economy are "having their cake and eating it" by treating workers like staff while avoiding the tax and regulations on employing people on full-time contracts, according to a study. A survey of workers in the gig economy found that most believed their employers were exploiting a lack of regulation to grow quickly. Almost two-thirds said the government should step in to guarantee basic employment rights. - Guardian
Japanese car giant Toyota has called for the UK to be able to continue to trade tariff-free with the European Union after Brexit as it announced a £240m investment in its only British factory. Johan van Zyl, who runs the company's European arm, added his voice to earlier industry calls to protect British cars from tariffs within Europe following the end of the upcoming two year 'Article 50' extrication process which is set to be triggered by the end of this month. - Telegraph
Cheaper alternatives for the renovation of the Houses of Parliament are to be sought by MPs to keep costs below the estimated £3.5bn bill. The premises used by parliament are in urgent need of extensive restoration and repairs to avoid the risk of being burned down or encountering other catastrophic failure. - Guardian
An African church minister who supplements his meagre stipend by scrabbling for minerals in the artisanal mines of eastern Sierra Leone has discovered one of the largest diamonds ever found. The 709-carat stone was extracted this week by Emmanuel Momoh, a pastor in one of the myriad churches that ministers to the mining communities of Kono district, the diamond centre that became the crucible of Sierra Leone's blood-soaked civil war. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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